Skip to main content

Week in Review: 28 October - 1 November 2024

Financial Markets

For the week, the main stock market indices were down, with the S&P500 losing 1.4% and the NASDAQ 100 1.6% in the red. The small cap index (Russel 2000) was unchanged.

Precious metals remain strong but are stalling a bit. Gold and silver fell 0.4% and 3.7%, respectively. Recently, silver broke above 32$ and is now re-testing this level, which must be defended, otherwise we may become bearish.

WTI is still around the 69$ level, which is short-term support. Oil will likely trade sideways in the near future.

Bitcoin spiked during the week, but ended only 2.3% above the previous week. It remains close to the upper range of the channel it has been trading in since March 2024. In our opinion, bitcoin is not going above this level easily.

The relative strength of the US dollar (DXY) was unchanged. The EUR/USD is around 1.08$, while the USD/JPY is at 153 JPY.

US M2 money supply at the date of 30th September 2024 was up by 0.38%.

The national financial conditions index (NFCI) for the week of 21st October 2024 tightened by 0.24% and doesn't translate considerable signs of financial stress in the markets. However, this could be a change in trend and is aligned with the decline that we saw in the stock markets this week.

US bond yields went up this week, sitting at 4.212% for the 2-year and 4.386% for the 10-year.

The VIX went up again, getting closer to the 22 level. The perception of risk is moderate, but increasing.


Comment Section

Finally, the so-awaited US election is coming next week. Until the results are out, we expect low volume in the markets. Then, be prepared for volatility.

Take care, and good luck.


Recommended Videos

 

 
 

 


Labels:

Comments

Post a Comment

Most Read

Week in Review: 23-27 September 2024

Financial Markets For the week, the main stock market indices were slightly up, with the S&P500 gaining 0.6% and the NASDAQ 100 up by 1.1%. The small cap index (Russel 2000) dropped 0.5%. Only the S&P closed at an all-time-high. Gold closed the week at a new all-time-high of 2657$/oz. Silver is still holding the 31$ level and it can go in either direction in the coming weeks, although we favor the downside from a fundamental perspective (slowing industrial demand). The barrel of WTI fell 3.7% and is again around 68$, which is a short-term technical support level. Bitcoin was up by 3.1% and seems to be in the top end of the 53-66k$ range it has been following for the past couple of months. The relative strength of the US dollar (DXY) fell slightly but is still around the 100-101 support level. The EUR/USD is at 1.12$, while the USD/JPY is slightly down to 142 JPY. US M2 money supply metrics have not been updated since the 26th of August. The national financial condit...
Post a Comment
Read more

Week in Review: 21-25 October 2024

Financial Markets For the week, the main stock market indices were mixed, with the S&P500 losing 1% and the NASDAQ 100 up by 0.1%. The small cap index (Russel 2000) fell 3.1%, giving up the previous week's gains. The precious metals remained strong but are about to stall. Gold gained 0.9% while silver ended the week unchanged. Recently silver broke out of the 32$ level and now needs to defend this level. WTI jumped off the 68$ level, and gained 4.1% this week -it now sits at ~71.6$/bbl. Bitcoin fell 2.7% and is in the upper range of the channel it has been trading in since March 2024. In our opinion, bitcoin it is not looking particularly bearish nor bullish. It can go up to 74k or down to 60k in the near future. The relative strength of the US dollar (DXY) was again up slightly and into the 104 level. The EUR/USD is around 1.08$, while the USD/JPY is at 152 JPY. US M2 money supply at the date of 30th September 2024 was up by 0.38%. The national financial conditions ...
Post a Comment
Read more

Week in Review: 9-13 September 2024 - The FED Put!

Financial Markets For the week, the main stock market indices were up, with the S&P500 recovering 4% and the NASDAQ 100 up 5.9%. Last week's losses were eliminated. The small cap index (Russel 2000) was 4.4% in the green. Gold closed the week at a new all-time-high of 2577$/oz. Silver followed gold and popped 10%! We now need to see if silver holds the current levels or if it fails and returns to the 28-30$ range. The barrel of WTI recovered 1.7% but still looks bearish. Bitcoin followed the stock market direction, but with less enthusiasm, recovering 7.8%. It still seems likely that bitcoin will trade in the range of 53-66k$ in the following weeks. The relative strength of the US dollar (DXY) was nearly unchanged and around 101. The EUR/USD is at 1.109$, while the USD/JPY is down to 140.8 JPY. US M2 money supply has not been updated this week. The national financial conditions index (NFCI) for the week of 2nd September 2024 loosened by 2.9% and doesn't transla...
Post a Comment
Read more